Bitcoin Price Outlook – Bitcoin Sluggish in Its Rise

Bitcoin Technical Analysis

The Bitcoin market has rallied slightly in the early hours of Tuesday as we continue to reach higher. In the short term, it looks like the $108,000 level is offering a little bit of resistance. But when you look at the arc of the move, it would make quite a bit of sense to see this market pull back and quite frankly, I think that’s exactly what’s about to happen. This does not mean that I’m selling Bitcoin suddenly, nor does it mean that I’m trying to get short of the market. It’s just that eventually gravity has to come back into the picture.

A pullback offers value, and I think that’s the way most people look at this chart, the market is going to probably pay close attention to the $100,000 level, and then again at the $95,000 level. Based on the recent consolidation, the measured move is actually up to the $110,000 level, but we’ll have to wait and see whether or not we can reach that easily. I think we probably can, it’s just that we may need to pull back in order to bring in more buyers.

The 50 day EMA sits near the $91,000 level and rising and I think that’s an indicator that a lot of people will pay attention to as well. What’s going to be interesting about this cycle is I am seeing everything that screams crypto is about to hit its cycle high and then start selling off again. It’s a little bit different this time though, because Wall Street’s involved. So somewhat of an unknown quantity. Certainly, I wouldn’t be short regardless, but it is worth noting that we see all of the usual signs when you reach the cycle high.

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